If the Dallas Independent School District decamps its long-time headquarters on Ross Avenue for a new location downtown, you can expect a scramble by developers to buy the district's property.

The DISD is negotiating to acquire an office tower next door to the Majestic Theater downtown. The district has estimated that it would cost around $15 million to buy and renovate the Pacific Place office building.

It would use the highrise to consolidate operations housed in multiple buildings – including its more than 60-year-old headquarters building at Ross and Washington Avenue.

The school district owns almost 10 acres on Ross, which could be sold for other developments.

"There will be interest because of how Ross Avenue is transforming," said broker Newt Walker. "The highest and best use is multifamily and retail."

Apartment builders and townhouse developers are revitalizing the streetscape of Ross Avenue running east from downtown.

Other developers would like to do deals along Ross but the property ownership is in multiple hands and tying up real estate takes lots of time and money. Many of the properties are in the hands of longtime owners who aren't interested in selling.

Real estate brokers say that land along Ross selling between $30 and more than $40 a foot depending on the size of the tract and the location.

Given that the DISD property is so large and occupies three corners of Ross Avenue, developers might be willing to pay between $16 million and $18 million for the choice tract.

Or course the land would need to be rezoned and planned for what would most likely be a combination of apartment and retail development.

"It would be a fight for it," Rubin said. "To get almost 10 acres with corners you've got to give yourself 20 percent more.

"It will bring a premium," she said. "It's a great location because what's come up Ross."

The other very large piece of property that recently sold to apartment developers in the area just east of downtown is the City Lights property at Live Oak and Good Latimer.

That 4-acre property is much closer to downtown and is right on DART's light-trail line.

That's why it went for more than $50 per square foot.

Still, apartment land purchased on the near east side of between $40 and $50 per square foot are just a fraction of what land costs in nearby Uptown. The most recent apartment land sales in Uptown have topped $200 per square foot.